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Discussion Starter · #1 ·
I don't know if I am being scammed but here is the low down.

My brother and I recently started a general contracting business for residential construction and remodeling in Northeastern Ohio. We created an ad and placed it on Craigslist (which actually brings in about two leads every week surprisingly, and not all are bad.) Anyways, we were eventually contacted by an individual from American Capital Investment Corps, located in California, that was looking for reliable general contractors to renovate some properties. Considering that he was from California and we didn't know him from a hole in the ground we agreed to do some work on the condition that we would receive half the money up front. He requested our bank account information, and after talking with the bank to make sure we were protected, we gave him the information and within thirty minutes he wired the money into our account.

Now we have performed the work and we are waiting to be paid on Friday for the labor (we were cautious enough to ensure that no material costs came out of our pocket.) Now we told this guy we were very hesitant to perform the work, considering this guy is from California and works for a company we knew little about, but he has reassured us that there is plenty of work he needs done so he has little incentive to screw us.

The only thing I don't understand is the fact that these properties we worked on were in the ghetto, and most needed gasoline and a match, not serious renovations, yet the guy has wired us a good bit of money to cover materials and acts as if money is no problem.

Does anyone have any experience in dealing with companies like this, or has been in similar situations? Has anyone ever heard of this company?

So far things seem to be fine, I just don't want to be walking into a honey trap.
 

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You went to college you say? Master of economics you say? There is a place for scam artists out there. They usually seem to come from California, Florida and Nigeria. You just did the entire job for half the price? How's it feel to be using drug monies to help out the drug dealers?:laughing:
 

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Here is what I could find out and it might help...
Private Lender Assistance Network - "Become the Bank"
Our company helps put potential homeowners together with Private Investors to help soak up excess inventory across the country and create superior returns.
-REOs for $34,900 that are free and clear, we put in buyers and create notes on those homes.14-18% long term passive cashflow

-Guaranteed returns for 12 months!


I have been working with real estate investors for several years now, helping them create and expand their portfolios through superior investments.
http://www.americancapitalinvest.com/?include=company
 

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Discussion Starter · #4 ·
Perhaps a scam

You do not have to be condescending or sarcastic in your replies. Yes, I attended college, and yes, I received a degree, while I worked full time as a framing carpenter and paid for every dime myself.

Now, drug monies? I checked out the web site for the company and it seemed legitimate. When we quoted the job we quoted it high and received all of the material costs plus much of the labor costs (the work wasn't terribly difficult and it was only three days worth.)

I know that banks are trying to unload REOs and I know that there is a market swelling up right now for foreclosed properties. I interned for a residential appraiser and I am still in contact with him. There is good money to be made on properties, even ones that are severely run down, I am just curious if anyone else is working with these asset management companies. This guy is throwing money around like it's growing on trees, not only with us but other guys we've met out on the job sites.
 

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You're no fun!:sad: Anyho, if they are throwing money around, there is something wrong. If it looks like a turd, smells like a turd and feels like a turd, it just might be a turd. Do you want your name associated with these fellas? Looks like they recently changed their company name. Why, one wonders? By their own admission, they are the broker only between buyer and seller. Looks like they're entering the sellers market.
 
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